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Rethinking the Basics of Financial Reporting

The chart of accounts is one of the fundamental building blocks of finance – but it’s time to rethink it from scratch.

To organize corporate finances and track financial health, traditional financial systems typically use complex, rigid general ledger structures. The result is painful, unwieldy systems that are not agile enough to support the requirements of modern finance.

In the financial engines of the future, rigid “code block” architectures are eliminated, replaced by flexible in-memory structures. The result is a dramatic increase in the flexibility and speed general ledger entries can be stored and retrieved. Organizations can vastly simplify their chart of accounts and minimize or eliminate time-consuming and complex reconciliation, while retaining virtually unlimited flexibility to report on any business dimension they choose.

At SAPPHIRE NOW in Madrid in November, SAP will launch the latest new member of the SAP Cloud family, SAP Financials OnDemand, which uses the power of SAP HANA to revolutionize financial reporting. It provides agile, intuitive, easy-to-consume financial information, with deep analysis capabilities, personalized streams, and context-based collaboration. Here are some more details and a sneak peek:

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I am an Innovation Evangelist for SAP. This blog only contains my personal views, thoughts and opinions. It is not endorsed by SAP nor does it constitute any official communication of SAP. You should follow me on Twitter and Subscribe by email